Australia and New Zealand Banking Group predicts substantial price correction for Platinum and Palladium-Shanghai Metals Market

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Australia and New Zealand Banking Group predicts substantial price correction for Platinum and Palladium

Industry News 09:04:56AM Jul 16, 2014 Source:SMM
Author: Paul Ploumis15 Jul 2014 Last updated at 04:00:02 GMT
 
SEATTLE (Scrap Monster): The most recent research note published by the Australia and New Zealand Banking Group (ANZ) predicts that Palladium and Platinum prices may correct substantially from current levels.
 
According to the report, the production from South African mines is soon expected to return to normal levels, following the culmination of the prolonged labor strike. As the market moves to a state of normality, the precious group metal (PGM) prices are likely to correct. The bank forecasts considerable downside risk to PGM prices especially Palladium. However, the bank notes that it may take a few more months for the mines to get back to full production capacities. But, the process is already underway.
 
The Palladium prices have gone higher by 21% so far this year. The bank notes that Palladium has outperformed its peers by a great margin in 2014. The prices of gold, platinum and silver too have gone higher by 8% to 10% during the course of the year. ANZ notes that though the prices will continue to rise in the short term, the upside is limited.
 
The Palladium prices had hit 13-year high on Tuesday following short supplies from South African mines, following five-month long strike by labor unions.
Platinum and Palladium are two main components widely used in car-exhaust filters.
 

Australia and New Zealand Banking Group predicts substantial price correction for Platinum and Palladium

Industry News 09:04:56AM Jul 16, 2014 Source:SMM
Author: Paul Ploumis15 Jul 2014 Last updated at 04:00:02 GMT
 
SEATTLE (Scrap Monster): The most recent research note published by the Australia and New Zealand Banking Group (ANZ) predicts that Palladium and Platinum prices may correct substantially from current levels.
 
According to the report, the production from South African mines is soon expected to return to normal levels, following the culmination of the prolonged labor strike. As the market moves to a state of normality, the precious group metal (PGM) prices are likely to correct. The bank forecasts considerable downside risk to PGM prices especially Palladium. However, the bank notes that it may take a few more months for the mines to get back to full production capacities. But, the process is already underway.
 
The Palladium prices have gone higher by 21% so far this year. The bank notes that Palladium has outperformed its peers by a great margin in 2014. The prices of gold, platinum and silver too have gone higher by 8% to 10% during the course of the year. ANZ notes that though the prices will continue to rise in the short term, the upside is limited.
 
The Palladium prices had hit 13-year high on Tuesday following short supplies from South African mines, following five-month long strike by labor unions.
Platinum and Palladium are two main components widely used in car-exhaust filters.